Which of the Following Is NOT an Element of Fraud

question 33

Multiple Choice

Which of the following is NOT an element of fraud?

• A) Material misrepresentation
• B) Competent parties
• C) Knowledge of falsity
• D) Justifiable reliance

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Definitions:

Consumer Equilibrium

A state where an individual optimizes their utility or satisfaction from the consumption of goods and services given their income and prices.

Budget Constraint

The representation of all the combinations of goods and services that a consumer can afford to buy with their income at given prices.

Utility

An indicator of the contentment or joy people experience from consuming products and services.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, highlighting combinations that provide the same level of utility to the consumer.